Boeing to Buy Parts Firm Aviall

Deal for $1.7 Billion
Is First Big Purchase
For CEO McNerney

By

Dennis K. Berman and

J. Lynn Lunsford

Updated May 2, 2006 12:01 a.m. ET

Boeing Co. said it agreed to purchase aviation parts and services company Aviall Inc. for about $1.7 billion, marking the first big acquisition for Boeing Chairman, President and Chief Executive Jim McNerney.

The Chicago plane maker said it would pay Aviall stockholders $48 a share in cash, a 27% premium to Aviall's closing price of $37.70 Friday on the New York Stock Exchange. Yesterday morning, the stock was up 25%, or $9.31, at...